HPL Electric jumps 9% on bagging Rs 204-crore supply contract

HPL Electric and Power Limited, an electric equipment manufacturer, gained 9 percent on May 10 after it announced acquisition of smart meter orders worth Rs 204 crore from customers with a pan-India presence. The orders will be supplied at an accelerated pace, in line with government-led schemes for smart metering, the company said.

It also mentioned a pipeline of pending orders and mentioned that its has an order book of over Rs 1500+ crore.

Follow our live blog for all market action

“The implementation of government schemes has significantly helped the industry, and we are witnessing tangible results. Our robust pipeline of pending orders, combined with our R&D and process automation initiatives, positions us strongly for sustained growth and continued market leadership,” said Gautam seth Joint MD, HPL Electric and Power.

HPL Electric and Power Limited offers various electric equipment products, including metering solutions, switchgear, lighting equipment, and wires and cables.

In the third quarter of FY23, the company reported a 31.2 percent decline in consolidated net profit to Rs 6.36 crore compared to Rs 9.3 crore reported in the corresponding period of the previous year. Net sales rose 7.7 percent to Rs 301.59 crore compared to Rs 280 crore reported in Q3FY22. Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at Rs 36.78 crore, down 1.41 percent from Rs 37.31 reported in the December 2022 quarter, while margin contracted 113 basis points on a yearly basis.

Also Read: Hard days for Indian software giants as foreign funds log out of IT stocks

The company’s market capitalization has jumped over 60 percent in the last year but declined by 7 percent in the last six months. As of 12:07 p.m., the scrip was trading 6.04 percent up at INR 95.70, while benchmark nifty traded 0.029 percent up at 18,270.45 points.